Insider Economy Strong demand for collapsed Co-op bank property

Strong demand for collapsed Co-op bank property

A list of collapsed Cyprus Co-operative Bank properties seized by the state that will be transferred to local authorities will be presented to Cabinet in May, according to informed sources. Along with the criteria municipalities and communities should meet before they can be granted such properties.

Specifically, the Technical Committee which is made up of the Permanent Secretaries of the Ministries of Finance, Interior and Transport, is expected to soon hand Finance Minister Harris Georgiades their decision in regard to Co-op property demands made by municipalities and communities. So far, the number stands at 200.

The Committee has taken into account the value of the property, sale prospects or commercial use, intended purpose of use, whether there are other alternatives and the importance to a local community.

The number of Co-op bank properties is 2,815 with a total value of €600 million. These have been transferred to the Cooperative Asset Management Company (SEDIPES), which is the transformation of the Co-op bank to a state-owned one, and its subsidiary which is the Cyprus Asset Management Company (KEDIPES).

Phileleftheros has information that Cabinet will determine the exact number of real estate to be granted to municipalities and communities next month. In addition to the list of properties to be granted to local authorities, there are those for which the State is also interested to make use of.

Thus, excluded are:

*Property for which the State is interested to house ministries and other government organisations. The State is interested in big real estate buildings that exceed 1000 to 2000 sq. metres and which they also have big parking lots

  • Property collected by the Co-op bank against debt repayment
  • The 113 properties, mainly commercial stores and shops, totalling €150 million, which Hellenic Bank has an option to acquire by September 3.

The granting of real estate to local authorities will come at a fee.


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